Does the FAFSA Cover Full Tuition? (2024)

FAQs

Does the FAFSA Cover Full Tuition? ›

While it is possible for student financial aid to cover full tuition, in practice it will fall short. For most students, there will not be enough financial aid to cover the full cost of tuition, unless the parents borrow a Federal Parent PLUS loan.

Depending on your year in school, your status and your financial need, it's possible that you can get enough financial aid to cover the entire cost of your attendance. However, in many cases, there are limits.

Your eligibility depends on your Student Aid Index (SAI), your year in school, your enrollment status, and the cost of attendance at the school you will be attending. This is how they do it: The financial aid staff starts by determining your cost of attendance (COA) at that school. They then review your SAI.

If your student loan covers more than that amount, you will receive a refund from your school. Use the excess funds only for education-related expenses. These are expenses that directly or indirectly support your studies.

Federal aid (grants like Pell, Work Study, and federal loans) stops at 6 years for a 4-year (bachelor's) degree, and requires you to be making a certain amount of progress towards a degree each year.

This can happen. The FAFSA relies on two-year-old tax information. Or your family may be facing big expenses that the FAFSA didn't ask about. If your financial aid offer seems way off, contact the college's financial aid office.

Typically, your college applies grant or loan money toward your tuition, fees, and, if you live on campus, room and board. Any money left over is paid to you for other expenses.

It is not the financial aid itself. However, the FAFSA enables the student to qualify for many types of financial aid from several sources. Some of this money is free money, some must be earned through work, and some must be repaid. There are three main types of financial aid.

Review Your Student Aid Report (SAR)

The SAR for the 2023–24 award year (July 1, 2023, to June 30, 2024) is a summary of the FAFSA data you submitted. You (the student) will get your SAR within three days to three weeks after you submit your FAFSA form.

What is the maximum FAFSA will give? ›

Award amounts can change yearly. The maximum Federal Pell Grant award is $7,395 for the 2023–24 award year (July 1, 2023, to June 30, 2024). The maximum Federal Pell Grant award is $7,395 for the 2024–25 award year (July 1, 2024, to June 30, 2025).

The majority of students awarded financial aid received federal grants. The average federal grant award for undergraduate students has more than doubled to $8,890 in 2022 from $4,335 in 2001. Student aid estimates for 2022-2023 show that average federal grant aid has increased to $10,677.

What income is too high for FAFSA? There is no income that is too high to file a FAFSA. No matter how much you make, you can always submit a FAFSA. Eligibility for need-based financial aid increases as the cost of attendance increases, so even a wealthy student might qualify for financial aid at a higher-cost college.

While it is possible for student financial aid to cover full tuition, in practice it will fall short. For most students, there will not be enough financial aid to cover the full cost of tuition, unless the parents borrow a Federal Parent PLUS loan.

Typically, the school first applies your grant or loan money toward your tuition, fees, and (if you live on campus) room and board. Any money left over is paid to you directly for other education expenses.

Filling out the FAFSA can be a bother, and may feel like an invasion of privacy. Submitting the FAFSA requires opening new online accounts, saving passwords, looking up financial information, monitoring emails, etc.

Tuition reimbursem*nt counts toward the total financial sources of the student, so this amount will be considered when the amount of aid to be awarded is determined. As a result, tuition reimbursem*nt could mean that a student receives a lower amount of aid than they would have without it.

You can compare up to 20 schools. The maximum number of colleges or career schools has been added to the FAFSA form. Select "Proceed" to keep the choices, or "Return to Search" to remove a choice and add a new selection. Learn what to do when applying to more than 20 colleges or career schools.

Yes, if you're living in a dorm on campus, your financial aid office will put your student loan money directly toward your housing bill. And if you're living off campus, you can use your loan funds to pay for your rent, utilities and renters insurance. The “board” part typically refers to your meal plan.